Developers plan apartments near Little Havana after $3M land buy

Plans call for 110 rental units in an eight-story building

Jun.June 17, 2016 03:00 PM

61 Northwest 37th Avenue in Miami

Two Miami developers just paid $3.33 million for a development site west of Little Havana, and are now seeking approvals to build a new apartment complex.

Aerial view of the parcels

Sergio Concepcion and Carlos Luis just closed on their purchase of an assemblage of commercial parcels at 61 Northwest 37th Avenue, altogether covering about 39,140 square feet of land.

The parcels are currently occupied by two buildings: a vacant 4,750-square-foot restaurant, formerly the home of Big Louie’s, and a small 1,300-square-foot office building.

Brokerage Marcus & Millichap announced the deal Friday. Agents Dave Heaslip and Alex Zylberglait represented the sellers, Dr. Stuart Miller and Celina Alvarez.

From left: Marcus & Millichap agents Alex Zylberglait, Dave Heaslip and Jonathan De La Rosa

The two run SeaView Research, a pharmacology research and laboratory services company based in Miami. Through Dougup Properties LLC, a company they manage, the two paid a combined $2.6 million to assemble the parcels between 2010 and 2011.

On the other end of the deal, Jonathan De La Rosa of Marcus & Millichap brought buyers Concepcion and Luis to the table.

De La Rosa said the land has zoning for 110 residential units in an eight-story building, or about 165,000 square feet of new development. Concepcion and Luis have begun seeking approvals for a rental project maxing out that zoning, though further details are not yet available.

“They believe the market there is sustainable for rental units,” De La Rosa told The Real Deal. “The area there is progressing tremendously.”

Related Article

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Bill Fuller and a Barlington Group property on Southwest Eighth Street in Little Havana

Here’s a look at Little Havana developer Bill Fuller’s pipeline of new projects

Calle Ocho (Credit: iStock)

Little Havana could be redeveloped like Wynwood

120 Southwest Eighth Avenue, 1430 Southwest First Street, and 1023 Southwest Sixth Street, Ana Bozovic and Arthur Porosoff (Credit: Zillow, Truila, Google Maps, and Miami Girls Foundation)

Burke Leighton asks $45M for Little Havana apartments

Joe Carollo and Bill Fuller (Credit: Getty Images and iStock)

Little Havana developer calls commissioner Joe Carollo a fraud in ongoing feud

Amid rising demand, investors acquire apartment portfolio in Little Havana

Key International sells Little Havana apartments

Sons of “love hotels” magnate set to redevelop part of real estate portfolio